Gulf Keystone Focused on Adding Volumes to Iraqi Blocks

- Gulf Keystone Focused on Adding Volumes to Iraqi Blocks

Thursday, June 16, 2011
Gulf Keystone Petroleum Ltd.

Gulf Keystone provided an update on its operations in the Kurdistan Region of Iraq highlighting that:

• Shaikan-2 deep appraisal well is currently at a depth of 3,166 meters with the final total depth (TD) still planned for the lower Triassic or the upper Permian
• Sheikh Adi-1 exploration well is currently at a depth of 3,515 meters in the Triassic Kurre Chine B and a cased hole testing program will be undertaken once the drilling has reached TD
• After spudding on May 27, 2011, the Shaikan-4 deep appraisal well is currently at a depth of 462 meters
• Preliminary results of the Shaikan 3D seismic data interpretation suggest a larger structure (by 5-10%) than originally mapped based on the earlier 2D seismic data
• Bekhme-1 exploration well on the Akri-Bijeel block is drilling ahead at a depth of 2,828 meters.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented, "With three Gulf Keystone wells underway on the Shaikan and Sheikh Adi blocks, the second exploration well being drilled in partnership with MOL on the Akri-Bijeel block, and the first exploration well expected to be drilled on the Ber Bahr block in partnership with Genel later in 2011, we are firmly focused on adding further oil-in-place volumes in all four blocks in the Kurdistan Region of Iraq."

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